Published
{
"ticker": "WELL",
"cik": "0000766704",
"company": "Welltower Inc.",
"business_type": "reit",
"schema_template": "REIT (healthcare / seniors housing): revenue by source, consolidated NOI, FFO and FFO per diluted share, debt and leverage, real-estate cash flows",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not thousands); share counts in actual shares; per-share amounts in dollars",
"units_notes_seen": {
"FY2025 10-K consolidated statements of comprehensive income (income statement)": "(In thousands, except per share data)",
"FY2025 10-K consolidated balance sheets": "(in thousands)",
"FY2025 10-K consolidated statements of cash flows": "(in thousands)",
"FY2025 10-K operating performance trend table (net income, FFO, NOI)": "(in thousands)",
"FY2025 10-K results of operations summary table (EBITDA, Adjusted EBITDA, FFO per diluted share)": "(in thousands, except per share amounts)",
"Q2 2026 10-Q consolidated balance sheets": "(In thousands)",
"Q2 2026 10-Q consolidated statements of comprehensive income (income statement)": "(In thousands, except per share data)",
"Q2 2026 10-Q consolidated statements of cash flows": "(In thousands)",
"Q2 2026 10-Q results of operations summary table (FFO, EBITDA, NOI, SSNOI)": "(in thousands, except per share data)",
"Q2 2026 10-Q FFO reconciliation tables": "Amounts are in thousands except for per share data.",
"Q2 2026 10-Q NOI reconciliation tables": "(dollars in thousands)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "None. Welltower reports in U.S. dollars; its Canadian and U.K. operations are translated into U.S. dollars within the filings themselves, so no conversion was applied here."
},
"annual": [
{
"fiscal_year": 2025,
"label": "FY2025",
"period_start": "2025-01-01",
"period_end": "2025-12-31",
"period_type": "fiscal year",
"source_accession": "0000766704-26-000010",
"income_statement": {
"resident_fees_and_services": 8452996000,
"rental_income": 1967935000,
"interest_income": 246205000,
"other_income": 170898000,
"total_revenues": 10838034000,
"property_operating_expenses": 6488081000,
"depreciation_and_amortization": 2084868000,
"interest_expense": 651955000,
"general_and_administrative_expenses": 1748435000,
"loss_gain_on_derivatives_and_financial_instruments_net": 22407000,
"loss_gain_on_extinguishment_of_debt_net": 9245000,
"provision_for_loan_losses_net": -9416000,
"impairment_of_assets": 121283000,
"other_expenses": 201201000,
"total_expenses": 11318059000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": -480025000,
"income_tax_expense_benefit": 7116000,
"income_loss_from_unconsolidated_entities": -14297000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 1449043000,
"net_income": 961837000,
"net_income_attributable_to_noncontrolling_interests": 24992000,
"net_income_attributable_to_common_stockholders": 936845000,
"basic_shares": 665639000,
"diluted_shares": 679521000,
"basic_eps": 1.41,
"diluted_eps": 1.39
},
"reit_metrics": {
"ffo_attributable_to_common_stockholders": 1817952000,
"consolidated_noi": 4349953000,
"ebitda": 3691544000,
"adjusted_ebitda": 4169347000,
"ffo_per_diluted_share": 2.68
},
"balance_sheet": {
"net_real_property_owned": 53423291000,
"net_real_estate_investments": 57910509000,
"cash_and_cash_equivalents": 5033678000,
"restricted_cash": 175861000,
"total_assets": 67303047000,
"unsecured_credit_facility_and_commercial_paper": 0,
"senior_unsecured_notes": 16383522000,
"secured_debt": 2813780000,
"lease_liabilities": 2182993000,
"total_liabilities": 24100108000,
"redeemable_noncontrolling_interests": 263223000,
"total_welltower_stockholders_equity": 42129498000,
"noncontrolling_interests": 810218000,
"total_equity": 42939716000,
"total_debt": 19197302000
},
"cash_flow": {
"operating_cash_flow": 2881677000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired": -13913975000,
"capital_improvements_to_existing_properties": -1050263000,
"construction_in_progress": -437731000,
"capitalized_interest": -33799000,
"proceeds_from_sales_of_real_property": 5658270000,
"net_cash_used_in_investing_activities": -10512749000,
"cash_distributions_to_stockholders": -1877959000,
"net_cash_from_financing_activities": 8999760000,
"capex": -1521793000,
"free_cash_flow": 1359884000
}
},
{
"fiscal_year": 2024,
"label": "FY2024",
"period_start": "2024-01-01",
"period_end": "2024-12-31",
"period_type": "fiscal year",
"source_accession": "0000766704-26-000010",
"income_statement": {
"resident_fees_and_services": 6027149000,
"rental_income": 1570278000,
"interest_income": 256191000,
"other_income": 137500000,
"total_revenues": 7991118000,
"property_operating_expenses": 4830211000,
"depreciation_and_amortization": 1632093000,
"interest_expense": 574261000,
"general_and_administrative_expenses": 235491000,
"loss_gain_on_derivatives_and_financial_instruments_net": -27887000,
"loss_gain_on_extinguishment_of_debt_net": 2130000,
"provision_for_loan_losses_net": 10125000,
"impairment_of_assets": 92793000,
"other_expenses": 117459000,
"total_expenses": 7466676000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 524442000,
"income_tax_expense_benefit": -2700000,
"income_loss_from_unconsolidated_entities": -496000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 451611000,
"net_income": 972857000,
"net_income_attributable_to_noncontrolling_interests": 21177000,
"net_income_attributable_to_common_stockholders": 951680000,
"basic_shares": 602975000,
"diluted_shares": 608750000,
"basic_eps": 1.58,
"diluted_eps": 1.57
},
"reit_metrics": {
"ffo_attributable_to_common_stockholders": 2323433000,
"consolidated_noi": 3160907000,
"ebitda": 3181911000,
"adjusted_ebitda": 3151811000,
"ffo_per_diluted_share": 3.82
},
"balance_sheet": {
"net_real_property_owned": 40673242000,
"net_real_estate_investments": 43851677000,
"cash_and_cash_equivalents": 3506586000,
"restricted_cash": 204871000,
"total_assets": 51044308000,
"unsecured_credit_facility_and_commercial_paper": 0,
"senior_unsecured_notes": 13162102000,
"secured_debt": 2338155000,
"lease_liabilities": 1258099000,
"total_liabilities": 18471722000,
"redeemable_noncontrolling_interests": 256220000,
"total_welltower_stockholders_equity": 31956208000,
"noncontrolling_interests": 360158000,
"total_equity": 32316366000,
"total_debt": 15500257000
},
"cash_flow": {
"operating_cash_flow": 2256421000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired": -3525449000,
"capital_improvements_to_existing_properties": -857546000,
"construction_in_progress": -827900000,
"capitalized_interest": -58115000,
"proceeds_from_sales_of_real_property": 336525000,
"net_cash_used_in_investing_activities": -5514681000,
"cash_distributions_to_stockholders": -1545275000,
"net_cash_from_financing_activities": 4905351000,
"capex": -1743561000,
"free_cash_flow": 512860000
}
},
{
"fiscal_year": 2023,
"label": "FY2023",
"period_start": "2023-01-01",
"period_end": "2023-12-31",
"period_type": "fiscal year",
"source_accession": "0000766704-26-000010",
"income_statement": {
"resident_fees_and_services": 4753804000,
"rental_income": 1556073000,
"interest_income": 168354000,
"other_income": 159764000,
"total_revenues": 6637995000,
"property_operating_expenses": 3947776000,
"depreciation_and_amortization": 1401101000,
"interest_expense": 607846000,
"general_and_administrative_expenses": 179091000,
"loss_gain_on_derivatives_and_financial_instruments_net": -2120000,
"loss_gain_on_extinguishment_of_debt_net": 7000,
"provision_for_loan_losses_net": 9809000,
"impairment_of_assets": 36097000,
"other_expenses": 108341000,
"total_expenses": 6287948000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 350047000,
"income_tax_expense_benefit": -6364000,
"income_loss_from_unconsolidated_entities": -53442000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 67898000,
"net_income": 358139000,
"net_income_attributable_to_noncontrolling_interests": 18045000,
"net_income_attributable_to_common_stockholders": 340094000,
"basic_shares": 515629000,
"diluted_shares": 518701000,
"basic_eps": 0.66,
"diluted_eps": 0.66
},
"reit_metrics": {
"ffo_attributable_to_common_stockholders": 1763227000,
"consolidated_noi": 2690219000,
"ebitda": 2373450000,
"adjusted_ebitda": 2509003000,
"ffo_per_diluted_share": 3.4
},
"cash_flow": {
"operating_cash_flow": 1601861000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired": -3558266000,
"capital_improvements_to_existing_properties": -517682000,
"construction_in_progress": -1014935000,
"capitalized_interest": -50699000,
"proceeds_from_sales_of_real_property": 96741000,
"net_cash_used_in_investing_activities": -5707742000,
"cash_distributions_to_stockholders": -1260578000,
"net_cash_from_financing_activities": 5448647000,
"capex": -1583316000,
"free_cash_flow": 18545000
}
}
],
"quarterly": [
{
"fiscal_year": 2026,
"fiscal_quarter": 2,
"label": "Q2 2026",
"period_start": "2026-04-01",
"period_end": "2026-06-30",
"period_type": "three months",
"source_accession": "0000766704-26-000030",
"income_statement": {
"resident_fees_and_services": 2984891000,
"rental_income": 459740000,
"interest_income": 77369000,
"other_income": 22586000,
"total_revenues": 3544586000,
"property_operating_expenses": 2150123000,
"depreciation_and_amortization": 737764000,
"interest_expense": 181914000,
"general_and_administrative_expenses": 67486000,
"loss_gain_on_derivatives_and_financial_instruments_net": 0,
"loss_gain_on_extinguishment_of_debt_net": 1984000,
"provision_for_loan_losses_net": 2183000,
"impairment_of_assets": 25774000,
"other_expenses": 56930000,
"total_expenses": 3224158000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 320428000,
"income_tax_expense_benefit": 61979000,
"income_loss_from_unconsolidated_entities": -17969000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 98537000,
"net_income": 462975000,
"net_income_attributable_to_noncontrolling_interests": 17973000,
"net_income_attributable_to_common_stockholders": 445002000,
"basic_shares": 709732000,
"diluted_shares": 737956000,
"basic_eps": 0.63,
"diluted_eps": 0.61,
"dividends_declared_and_paid_per_common_share": 0.74
},
"reit_metrics": {
"ffo_attributable_to_common_stockholders": 1153653000,
"ffo_per_diluted_share": 1.56,
"consolidated_noi": 1394463000,
"ebitda": 1320674000,
"same_store_noi": 805819000
},
"balance_sheet": {
"net_real_property_owned": 58053634000,
"net_real_estate_investments": 62965757000,
"cash_and_cash_equivalents": 1965164000,
"restricted_cash": 132000000,
"total_assets": 69875180000,
"unsecured_credit_facility_and_commercial_paper": 0,
"senior_unsecured_notes": 14295101000,
"secured_debt": 3431152000,
"lease_liabilities": 1994551000,
"total_liabilities": 22211608000,
"redeemable_noncontrolling_interests": 224538000,
"total_welltower_stockholders_equity": 46414348000,
"noncontrolling_interests": 1024686000,
"total_equity": 47439034000,
"total_debt": 17726253000
}
},
{
"fiscal_year": 2025,
"fiscal_quarter": 2,
"label": "Q2 2025",
"period_start": "2025-04-01",
"period_end": "2025-06-30",
"period_type": "three months",
"source_accession": "0000766704-26-000030",
"income_statement": {
"resident_fees_and_services": 1971044000,
"rental_income": 483040000,
"interest_income": 62057000,
"other_income": 32103000,
"total_revenues": 2548244000,
"property_operating_expenses": 1514711000,
"depreciation_and_amortization": 495036000,
"interest_expense": 141157000,
"general_and_administrative_expenses": 64175000,
"loss_gain_on_derivatives_and_financial_instruments_net": -409000,
"loss_gain_on_extinguishment_of_debt_net": 0,
"provision_for_loan_losses_net": -1113000,
"impairment_of_assets": 19876000,
"other_expenses": 16598000,
"total_expenses": 2250031000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 298213000,
"income_tax_expense_benefit": -1053000,
"income_loss_from_unconsolidated_entities": -7392000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 14850000,
"net_income": 304618000,
"net_income_attributable_to_noncontrolling_interests": 2730000,
"net_income_attributable_to_common_stockholders": 301888000,
"basic_shares": 656593000,
"diluted_shares": 668140000,
"basic_eps": 0.46,
"diluted_eps": 0.45,
"dividends_declared_and_paid_per_common_share": 0.67
},
"reit_metrics": {
"ffo_attributable_to_common_stockholders": 825717000,
"ffo_per_diluted_share": 1.24,
"consolidated_noi": 1033533000,
"ebitda": 941864000,
"same_store_noi": 690514000
}
}
],
"year_to_date": {
"label": "Six months ended June 30, 2026",
"period_start": "2026-01-01",
"period_end": "2026-06-30",
"period_type": "six months",
"source_accession": "0000766704-26-000030",
"income_statement": {
"resident_fees_and_services": 5765822000,
"rental_income": 913582000,
"interest_income": 148298000,
"other_income": 68810000,
"total_revenues": 6896512000,
"property_operating_expenses": 4205543000,
"depreciation_and_amortization": 1360516000,
"interest_expense": 374629000,
"general_and_administrative_expenses": 134960000,
"loss_gain_on_derivatives_and_financial_instruments_net": 0,
"loss_gain_on_extinguishment_of_debt_net": 2711000,
"provision_for_loan_losses_net": 3815000,
"impairment_of_assets": 30600000,
"other_expenses": 118067000,
"total_expenses": 6230841000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 665671000,
"income_tax_expense_benefit": 50346000,
"income_loss_from_unconsolidated_entities": -19655000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 518937000,
"net_income": 1215299000,
"net_income_attributable_to_noncontrolling_interests": 41625000,
"net_income_attributable_to_common_stockholders": 1173674000,
"basic_shares": 704812000,
"diluted_shares": 732137000,
"basic_eps": 1.67,
"diluted_eps": 1.63,
"dividends_declared_and_paid_per_common_share": 1.48
},
"reit_metrics": {
"consolidated_noi": 2690969000,
"ffo_attributable_to_common_stockholders": 2136201000,
"ffo_per_diluted_share": 2.92,
"ebitda": 2900098000,
"same_store_noi": 1457821000
},
"balance_sheet": {
"net_real_property_owned": 58053634000,
"net_real_estate_investments": 62965757000,
"cash_and_cash_equivalents": 1965164000,
"restricted_cash": 132000000,
"total_assets": 69875180000,
"unsecured_credit_facility_and_commercial_paper": 0,
"senior_unsecured_notes": 14295101000,
"secured_debt": 3431152000,
"lease_liabilities": 1994551000,
"total_liabilities": 22211608000,
"redeemable_noncontrolling_interests": 224538000,
"total_welltower_stockholders_equity": 46414348000,
"noncontrolling_interests": 1024686000,
"total_equity": 47439034000,
"total_debt": 17726253000
},
"cash_flow": {
"operating_cash_flow": 1673639000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired": -6320151000,
"capital_improvements_to_existing_properties": -589126000,
"construction_in_progress": -166916000,
"capitalized_interest": -17300000,
"proceeds_from_sales_of_real_property": 2353755000,
"net_cash_used_in_investing_activities": -6073018000,
"cash_distributions_to_stockholders": -1044890000,
"net_cash_from_financing_activities": 1334876000,
"capex": -773342000,
"free_cash_flow": 900297000
},
"prior_year_comparative": {
"label": "Six months ended June 30, 2025",
"period_start": "2025-01-01",
"period_end": "2025-06-30",
"period_type": "six months",
"source_accession": "0000766704-26-000030",
"income_statement": {
"resident_fees_and_services": 3835574000,
"rental_income": 944607000,
"interest_income": 124547000,
"other_income": 66603000,
"total_revenues": 4971331000,
"property_operating_expenses": 2977101000,
"depreciation_and_amortization": 980905000,
"interest_expense": 286119000,
"general_and_administrative_expenses": 127933000,
"loss_gain_on_derivatives_and_financial_instruments_net": -3619000,
"loss_gain_on_extinguishment_of_debt_net": 6156000,
"provision_for_loan_losses_net": -3120000,
"impairment_of_assets": 72278000,
"other_expenses": 30658000,
"total_expenses": 4474411000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items": 496920000,
"income_tax_expense_benefit": 4466000,
"income_loss_from_unconsolidated_entities": -6129000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net": 66627000,
"net_income": 561884000,
"net_income_attributable_to_noncontrolling_interests": 2039000,
"net_income_attributable_to_common_stockholders": 559845000,
"basic_shares": 650029000,
"diluted_shares": 661004000,
"basic_eps": 0.86,
"diluted_eps": 0.85,
"dividends_declared_and_paid_per_common_share": 1.34
},
"reit_metrics": {
"consolidated_noi": 1994230000,
"ffo_attributable_to_common_stockholders": 1590914000,
"ffo_per_diluted_share": 2.41,
"ebitda": 1824442000,
"same_store_noi": 1248533000
},
"cash_flow": {
"operating_cash_flow": 1368992000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired": -2936818000,
"capital_improvements_to_existing_properties": -473229000,
"construction_in_progress": -238561000,
"capitalized_interest": -20173000,
"proceeds_from_sales_of_real_property": 410809000,
"net_cash_used_in_investing_activities": -3427273000,
"cash_distributions_to_stockholders": -871423000,
"net_cash_from_financing_activities": 2726661000,
"capex": -731963000,
"free_cash_flow": 637029000
}
}
},
"trailing_twelve_months": {
"label": "Trailing twelve months ended June 30, 2026",
"period_start": "2025-07-01",
"period_end": "2026-06-30",
"period_type": "trailing twelve months",
"source_accession": "0000766704-26-000030",
"income_statement": {
"resident_fees_and_services_derived": 10383244000,
"rental_income_derived": 1936910000,
"interest_income_derived": 269956000,
"other_income_derived": 173105000,
"total_revenues_derived": 12763215000,
"property_operating_expenses_derived": 7716523000,
"depreciation_and_amortization_derived": 2464479000,
"interest_expense_derived": 740465000,
"general_and_administrative_expenses_derived": 1755462000,
"loss_gain_on_derivatives_and_financial_instruments_net_derived": 26026000,
"loss_gain_on_extinguishment_of_debt_net_derived": 5800000,
"provision_for_loan_losses_net_derived": -2481000,
"impairment_of_assets_derived": 79605000,
"other_expenses_derived": 288610000,
"total_expenses_derived": 13074489000,
"income_loss_from_continuing_operations_before_income_taxes_and_other_items_derived": -311274000,
"income_tax_expense_benefit_derived": 52996000,
"income_loss_from_unconsolidated_entities_derived": -27823000,
"gain_loss_on_real_estate_dispositions_and_acquisitions_of_controlling_interests_net_derived": 1901353000,
"net_income_derived": 1615252000,
"net_income_attributable_to_noncontrolling_interests_derived": 64578000,
"net_income_attributable_to_common_stockholders_derived": 1550674000,
"diluted_eps_sum_of_four_quarters": 2.18
},
"reit_metrics": {
"consolidated_noi_derived": 5046692000,
"ffo_attributable_to_common_stockholders_derived": 2363239000,
"ebitda_derived": 4767200000,
"adjusted_ebitda": 4860413000,
"ffo_per_diluted_share_sum_of_four_quarters": 3.24
},
"balance_sheet": {
"net_real_property_owned": 58053634000,
"net_real_estate_investments": 62965757000,
"cash_and_cash_equivalents": 1965164000,
"restricted_cash": 132000000,
"total_assets": 69875180000,
"unsecured_credit_facility_and_commercial_paper": 0,
"senior_unsecured_notes": 14295101000,
"secured_debt": 3431152000,
"lease_liabilities": 1994551000,
"total_liabilities": 22211608000,
"redeemable_noncontrolling_interests": 224538000,
"total_welltower_stockholders_equity": 46414348000,
"noncontrolling_interests": 1024686000,
"total_equity": 47439034000,
"total_debt": 17726253000
},
"cash_flow": {
"operating_cash_flow_derived": 3186324000,
"cash_disbursed_for_acquisitions_net_of_cash_acquired_derived": -17297308000,
"capital_improvements_to_existing_properties_derived": -1166160000,
"construction_in_progress_derived": -366086000,
"capitalized_interest_derived": -30926000,
"proceeds_from_sales_of_real_property_derived": 7601216000,
"net_cash_used_in_investing_activities_derived": -13158494000,
"cash_distributions_to_stockholders_derived": -2051426000,
"net_cash_from_financing_activities_derived": 7607975000,
"capex_derived": -1563172000,
"free_cash_flow_derived": 1623152000
}
},
"notes": [
"Welltower is a healthcare and seniors housing real estate investment trust, so this record uses a REIT template: revenue split by source (resident fees and services, rental income, interest income, other income), consolidated net operating income (NOI), funds from operations (FFO) and FFO per diluted share alongside the GAAP income statement, plus debt, leverage and real-estate cash flows. Cost of revenue, gross profit and operating income are not concepts Welltower reports and are not shown.",
"Every figure is stated in actual U.S. dollars. The filings print their statements in thousands and their per-share amounts in dollars; the thousands have been expanded here.",
"Annual figures for 2025, 2024 and 2023 come from the fiscal 2025 Form 10-K (accession 0000766704-26-000010), filed February 12, 2026. That 10-K presents three years of income statement and cash flow but only two balance sheets, so fiscal 2023 carries no balance sheet here.",
"Quarterly figures for the three months ended June 30, 2026 and June 30, 2025, and the six-month figures, come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0000766704-26-000030), filed July 28, 2026.",
"Fiscal 2025 general and administrative expenses of $1.748 billion include $1.557 billion of stock-based compensation expense, of which $1.409 billion related to long-term incentive plan unit awards granted to named executive officers and certain key employees that vested immediately on grant. That charge is why fiscal 2025 total expenses exceeded total revenues and why FFO fell 22% against fiscal 2024 even as NOI rose 38%. General and administrative expenses were $235 million in fiscal 2024 and $179 million in fiscal 2023.",
"Income tax (expense) benefit is shown with the sign the filings print: a positive figure is a tax benefit and a negative figure is a tax expense. All other expense lines, including other expenses, are shown as positive amounts. The income tax benefit for the three months ended June 30, 2026 included a $71.3 million deferred tax benefit recognized by a Canadian subsidiary as a result of a reduction in its valuation allowance.",
"Total debt is not a line Welltower prints. It is shown here as the sum of the balance sheet's senior unsecured notes, secured debt and unsecured credit facility and commercial paper. Lease liabilities are reported separately and are not included in it.",
"Capital expenditure is not a single line in Welltower's cash flow statement. The figure shown here is the sum of cash disbursed for capital improvements to existing properties, cash disbursed for construction in progress, and capitalized interest, and free cash flow is operating cash flow less that amount. Neither is a measure Welltower itself defines or reports.",
"The 10-Q presents cash flows only on a cumulative six-month basis, so the quarterly entries carry no cash flow block. The six-month cash flows appear under the year-to-date view, with the prior-year six months beside them.",
"FFO (funds from operations attributable to common stockholders) is the measure defined by Nareit: net income attributable to common stockholders excluding gains and losses on sales of real estate and acquisitions of controlling interests and impairments of depreciable assets, plus depreciation and amortization, after adjustments for unconsolidated entities and noncontrolling interests. NOI is total revenues, including tenant reimbursements, less property operating expenses. Same store NOI covers a consistent property population. Same store NOI is measured on a different basis from the consolidated NOI shown beside it and is not a subset of it: Welltower states it at Welltower Share, starting from consolidated NOI, adding its ownership share of unconsolidated properties, subtracting the minority partners' noncontrolling interests in consolidated properties, excluding non-cash NOI and properties outside the same store population, and translating Canadian properties at a fixed 1.43 USD/CAD and U.K. properties at a fixed 1.23 GBP/USD. All three are supplemental measures, not substitutes for net income.",
"The trailing-twelve-month revenue and expense detail is derived rather than filed: fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025, with the balance sheet taken as of June 30, 2026. Those fields carry a 'derived' suffix. The twelve-month EBITDA and Adjusted EBITDA reconciliation, by contrast, is printed in the 10-Q, which publishes a twelve months ended June 30, 2026 column showing net income of $1,615,252 thousand, interest expense of $740,465 thousand, depreciation and amortization of $2,464,479 thousand, EBITDA of $4,767,200 thousand, impairment of assets of $79,605 thousand, other expenses of $288,610 thousand and Adjusted EBITDA of $4,860,413 thousand; the figures shown here for those lines are that column, and where such a line still carries the 'derived' suffix it is because the suffix marks how this block was built, not that the amount is unpublished. Its per-share amounts are the sum of the four quarterly amounts the 10-Q prints for the quarters ended September 30, 2025 through June 30, 2026, so they are subject to quarterly rounding. Weighted average share counts are not shown for that view because weighted averages cannot be added across periods.",
"Diluted earnings per share does not equal net income attributable to common stockholders divided by diluted shares, because Welltower adjusts the numerator for income attributable to OP Units and DownREIT Units. For the June 2026 quarter the reported $0.61 compares with $0.60 on the unadjusted arithmetic.",
"The balance sheet balances as total assets = total liabilities + redeemable noncontrolling interests + total equity; the redeemable noncontrolling interests sit in the mezzanine between liabilities and equity, and total equity already includes the non-redeemable noncontrolling interests.",
"Welltower also reports a normalized FFO measure that the 10-Q does not present. In its second-quarter 2026 earnings release furnished July 27, 2026 (accession 0000766704-26-000026) the company reported normalized FFO attributable to common stockholders of $1.60 per diluted share for the quarter, against Nareit FFO of $1.56 per diluted share shown here. The two measures diverge much more widely for fiscal 2025: in its fourth-quarter 2025 earnings release furnished February 10, 2026 (accession 0000766704-26-000005) the company reported annual normalized FFO attributable to common stockholders of $5.29 per diluted share, against Nareit FFO of $2.68 per diluted share shown here.",
"No split, currency or depositary-share adjustment applies. Welltower has had no stock split in the period covered, reports in U.S. dollars, and its shares are ordinary common stock rather than depositary receipts. Its Canadian and U.K. operations are translated into U.S. dollars inside the filings themselves."
],
"uncertainties": [
"No discrete three-month operating cash flow or free cash flow is published here. The 10-Q's cash flow statement runs for six months only, and the quarterly earnings materials do not include a cash flow statement, so a three-month figure could not be read off any filing in this set.",
"Fiscal 2023 has no balance sheet in this record. The fiscal 2025 10-K presents balance sheets only as of December 31, 2025 and December 31, 2024.",
"The June 2025 quarter has no balance sheet in this record. The 10-Q for the quarter ended June 30, 2026 presents balance sheets only as of June 30, 2026 and December 31, 2025, and the fiscal 2025 10-K only as of December 31, 2025 and December 31, 2024, so neither periodic report shows a June 30, 2025 balance sheet. The second-quarter 2026 earnings release furnished July 27, 2026 (accession 0000766704-26-000026) does present one as the comparative column of its balance sheet.",
"The trailing-twelve-month revenue, expense and cash flow figures are arithmetic from the periods the two filings print, not a column any filing publishes; the twelve-month EBITDA and Adjusted EBITDA reconciliation described in the notes is the exception, being printed in the 10-Q. The twelve months they cover span a change in portfolio composition, including the Canadian seniors housing portfolio acquired on April 1, 2026, so they are not a like-for-like run rate.",
"Capital expenditure and free cash flow follow a definition chosen here, as described in the notes. A different treatment of construction in progress or capitalized interest would give different figures, and Welltower publishes neither measure.",
"The trailing-twelve-month per-share amounts are sums of four separately rounded quarterly amounts and may differ from a figure computed on twelve months of weighted average shares.",
"Fiscal 2025 FFO per diluted share of $2.68 and the negative $(0.87) FFO per share the 10-Q shows for the December 2025 quarter both reflect the one-off long-term incentive plan charge described in the notes rather than property-level performance."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 3544586000,
"text": "$3.54 billion",
"exact": "$3,544,586,000",
"compact": "$3.54B",
"abs": "$3.54 billion",
"prior_value": 2548244000,
"prior": "$2.55 billion",
"priorabs": "$2.55 billion",
"yoy": "up 39.1%",
"source": {
"array": "quarterly",
"field": "income_statement.total_revenues",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000766704-26-000030",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000766704-26-000030",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 445002000,
"text": "$445.00 million",
"exact": "$445,002,000",
"compact": "$445.00M",
"abs": "$445.00 million",
"prior_value": 301888000,
"prior": "$301.89 million",
"priorabs": "$301.89 million",
"yoy": "up 47.4%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income_attributable_to_common_stockholders",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000766704-26-000030",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000766704-26-000030",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 0.61,
"text": "$0.61",
"exact": "$0.61",
"compact": "$0.61",
"abs": "$0.61",
"prior_value": 0.45,
"prior": "$0.45",
"priorabs": "$0.45",
"yoy": "up 35.6%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000766704-26-000030",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000766704-26-000030",
"gap_days": 365
}
},
{
"label": "FFO per diluted share",
"format": "eps",
"value": 1.56,
"text": "$1.56",
"exact": "$1.56",
"compact": "$1.56",
"abs": "$1.56",
"prior_value": 1.24,
"prior": "$1.24",
"priorabs": "$1.24",
"yoy": "up 25.8%",
"source": {
"array": "quarterly",
"field": "reit_metrics.ffo_per_diluted_share",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000766704-26-000030",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000766704-26-000030",
"gap_days": 365
}
},
{
"label": "Same store NOI",
"format": "usd",
"value": 805819000,
"text": "$805.82 million",
"exact": "$805,819,000",
"compact": "$805.82M",
"abs": "$805.82 million",
"prior_value": 690514000,
"prior": "$690.51 million",
"priorabs": "$690.51 million",
"yoy": "up 16.7%",
"source": {
"array": "quarterly",
"field": "reit_metrics.same_store_noi",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000766704-26-000030",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000766704-26-000030",
"gap_days": 365
}
}
],
"summary": "Welltower reported $3.54 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 39.1% from a year earlier, and net income attributable to common stockholders of $445.00 million, or $0.61 per diluted share. Funds from operations came to $1.56 per diluted share, up 25.8%. Much of the growth came from seniors housing communities Welltower has bought over the past year, including the Amica, Barchester and HC-One portfolios, but the established portfolio grew as well: same store net operating income, which covers a consistent set of properties, was $805.82 million, up 16.7%, on higher occupancy and rates.",
"qa": [
{
"q": "How much revenue did Welltower report in Q2 FY2026?",
"a": "Welltower reported $3.54 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 39.1% from $2.55 billion in the same quarter a year earlier, with resident fees at seniors housing communities making up the large majority of the total."
},
{
"q": "What was Welltower's FFO per share in Q2 FY2026?",
"a": "Welltower reported funds from operations of $1.56 per diluted share for Q2 FY2026, the quarter ended June 30, 2026, up 25.8% from $1.24 a year earlier. FFO is the REIT industry measure that adds back real estate depreciation and strips out gains on property sales, and it is not a substitute for net income."
},
{
"q": "How much did Welltower earn in Q2 FY2026?",
"a": "Welltower's net income attributable to common stockholders was $445.00 million for Q2 FY2026, the quarter ended June 30, 2026, or $0.61 per diluted share, against $301.89 million and $0.45 in the same quarter a year earlier. Sharply higher gains on real estate dispositions, together with a deferred tax benefit at a Canadian subsidiary, account for much of that increase, so the earnings growth is not all operating."
},
{
"q": "Is Welltower's growth coming from acquisitions or from its existing communities?",
"a": "Both. Welltower's total revenues were $3.54 billion in Q2 FY2026, up 39.1% from a year earlier, lifted mainly by seniors housing portfolios acquired over the past year, while same store net operating income, which holds the property population constant, was $805.82 million, up 16.7%."
}
]
},
"company_details": {
"Name": "Welltower Inc.",
"Ticker": "WELL",
"CIK": "0000766704",
"Exchange": "NYSE",
"State": "Ohio",
"Incorporation": "Delaware",
"SIC": "6798",
"Office": "Real Estate & Construction",
"Industry": "Real Estate Investment Trusts"
},
"next_filing": {
"predicted_date": "2026-10-27",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0000766704-26-000030",
"fiscal_year_end": "1231",
"source": "derived"
},
"source_filings": [
{
"role": "annual",
"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-12",
"accession": "0000766704-26-000010",
"url": "https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/0000766704-26-000010-index.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"filed": "2026-07-28",
"accession": "0000766704-26-000030",
"url": "https://www.sec.gov/Archives/edgar/data/766704/000076670426000030/0000766704-26-000030-index.htm",
"source": "derived"
}
]
}